NEW YORK—A new study suggests that financial institutions can make money from their mobile app—and not just through greater transaction efficiency, but by charging a fee for the service.
A report from S&P Global Market Intelligence said it found many consumers would be willing to pay for their mobile app.
The study of nearly 4,000 U.S. bank app users shows that 21% of people said they'd pay as much as $3 a month for the service, while up to 40% of people said they'd be willing to pay $1 a month, the Wall Street Journal reported.
What does that mean in extra revenue?
The research firm estimated that FIs could generate as much as $500 million more in annually, but the majority of the money would go to Bank of America, Wells Fargo, and J.P. Morgan Chase, the Journal stated, because those banks have the largest mobile customer bases and the highest percentage of willing payers.